Tuesday, June 07, 2016

Universities Have Deep Pockets

The good, the bad and the Donald: Documents paint conflicting portraits of Trump U
Ronald Schnackenberg, a former sales manager at Trump University for seven months in 2006 and 2007, described the business as one that “preyed on the elderly and uneducated to separate them from their money.” He said he knew of instructors who were not well educated in real estate — one, he said, had a background in jewelry making.
Universities prey on the young and uneducated, to separate them from their money. I know of instructors who are not well educated, some mainly have backgrounds in communist indoctrination.
Speakers at the seminars told attendees to raise their credit card limits to be better positioned to buy real estate, with the real goal to up their limits to buy the next and more expensive level of seminar, Schnackenberg said.
Speakers at university information sessions always talk about debt, the need for lots and lots of debt, but they say it is worth it because college graduates earn more money.
Another former sales employee, Jason Nicholas, said in a declaration that “the Trump University instructors and mentors were a joke.… They were unqualified people posing as Donald Trump’s ‘right-hand men.’ They were teaching methods that were unethical and they had little to no experience flipping properties or doing real estate deals. It was a facade, a lie.”
Sound like any professors you know?
Martin said that the majority of customers had positive experiences with Trump University, and that those perceptions were reflected in the documents and in surveys — also part of the record — that show high satisfaction.

“Trump University looks forward to using this evidence, along with much more, to win when the case is brought before a jury,” Martin said. A trial date in one lawsuit is set for November, after the election.
Universities spend a lot of money on building their brand and the consumer experience. Most customers leave the university feeling as if they are a part of the brand. Most students would say they had a good experience. Trump University needed a football team and keggers.

I prefer to live in a world where the "reasonable man" standard is in effect. Maybe we can't have a "reasonable man" standard with falling general intelligence, but Trump University was obviously not a university, and anyone who thought so is an idiot. Similarly, majors such as women's studies are obviously bullshit and anyone who takes them is an idiot. The old joke was about art school, but at least art school actually taught art. If you spent 4 years at art school, but lack creativity, it isn't the fault of the art school. On the other hand, if you spend 4 years in women's studies, no one expects you to know anything of value. I'm struggling to come up with something worse than 4 years of that. Certainly 4 years working at McDonald's would be a superior experience. 4 years in prison would be better.

If Trump University is a fraud because of idiots, then nearly every university in America in engaged in a far greater fraud. The time and money spent on university education far exceeds the amounts at Trump U. While Trump likes to speak of his wealth, his liquid net worth is probably in the very low billions. Harvard and Yale University have over $20 billion in liquid assets, and that's before you even consider the value of their brand and other assets they could borrow against to pay a judgement. Finding a litigant might be difficult, but then again who takes women's studies courses? Not the mentally stable. Hell hath no fury like a woman scorned. The Trump U case will prime the public for university fraud, and Mr. Trump has also been shockingly concise and on target with his attacks on universities. They are a scam to separate students from their money; rising spending does not translate into rising earnings for students, it translates into rising salaries for university administrators. All students get is a pile of debt.

You earn 15 credits, and what do you get?
Another semester older and deeper in debt.
St. Peter won't you help me dig outta this hole,
The Cathedral's got my money, now they want my soul.

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